Palladium Price Analysis: XPD/USD eases from 200-EMA but short-term bulls remain hopeful

• Palladium consolidates the heaviest daily gains in six weeks.
• Bullish MACD signals, fortnight-old support line keeps buyers hopeful.

Palladium (XPD/USD) keeps pullback from 200-EMA near intraday low surrounding $2,075, down 0.25% on a day as European traders brace for Wednesday’s bell.

Although the key moving average challenges XPD/USD buyers, bullish MACD signals and the commodity’s ability to defend an ascending support line from October 06, near the $2,000 threshold, challenge the commodity sellers.

Hence, palladium buyers remain hopeful of overcoming the immediate EMA hurdle near $2,085.

Following that, $2,100 and October 10 peak close to $2,160 may entertain the commodity bulls ahead of the monthly high near $2,180.

Alternatively, a downside break of $2,000 may take a breather around 61.8% Fibonacci retracement of October 06-14 upside, near $1,975, before directing the XPD/USD bears towards September’s low near $1,848, also the lowest since June 2020.

XPD/USD: Four-hour chart

Trend: Further recovery expected